With this funding, the company plans of venturing into Tier 2 and Tier 3 cities of Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, Uttaranchal, and Delhi NCR. The company intends to provide loans to families that are otherwise rejected by big insurance companies.
Also, the infuse funds will help the company to grow its equity to ₹86 crore. While, AVIOM’s present borrowing stand at ₹150 crore, the firm aims to raise another ₹500 crore in debt by 2020.
Taejun Shin, founder of Gojo & Company, said, “AVIOM has been actively addressing a pressing issue for many Indian households who are constantly on the lookout for affordable housing loans, however, somehow fail to secure them. We hope that our equity partnership will significantly contribute to the Aviom’s business expansion and the clients’ life improvements.”
AVIOM was founded by Kajal Ilmi. It is an affordable housing company that provides financial assistance for home buying, improvement, extension and construction to families in semi-urban areas.
“AVIOM follows a strong in-house credit assessment model, which serves a dual purpose of empowering women in rural India by creating jobs for them and allowing them to work flexible hours to contribute to the overall economic development,” said Kajal Ilmi, founder and CEO at AVIOM, said.